Renaissance Capital's Ivan Tchakarov
Media playback is unsupported on your device

Russia 'unhappy' over Cyprus bailout

18 March 2013 Last updated at 12:14 GMT

President Putin has criticised the terms of the EU and IMF bailout of Cyprus, as Russian banks and individuals with money deposited in the country would be subject to the savings levy.

Under the terms of the plan bank customers with less than 100,000 euros would have to pay 6.75%, while those with more than 100,000 euros would pay 9.9%.

Russian Banks have around $12bn (9bn euros) in Cypriot banks, with $19bn (14bn euros) invested by private individuals.